South Korea is eyeing expansion opportunities in manufacturing and infrastructure in Myanmar.
At the Myanmar-Korea Investment Promotion Seminar in Yangon last Thursday, a delegation of 13 South Korean countries met with officials from the Ministry of Transport and Communication and Ministry of Electricity and Energy (MOEE), seeking opportunities to invest in the two sectors.
“We selected the most promising South Korean manufacturing and infrastructure companies to explore investment opportunities in Myanmar, where the government is also focused on developing these two sectors,” said Kim Young-sun, Secretary General of the ASEAN-Korea Centre, which promotes economic and socio-cultural cooperation between ASEAN and Korea.
The South Koreans are betting on Myanmar’s need to develop better infrastructure as the country strives to achieve its target of 6 percent-9pc GDP growth under its National Comprehensive Development Plan for 2011-30. “Korean companies have the right experience and technological know-how in developing a wide range of infrastructure and they are willing to help Myanmar develop its roads, railways and ports,” Mr Kim said.
During the seminar, U Kyaw Kaung Cho, Chief Engineer in the Ministry of Construction, welcomed South Korea cooperation in six ongoing highway projects, which includes the $1.9 billion, 460 kilometer Mandalay-Myitkyina Expressway and the $2 billion, 811 km Pathein-Monywa-Shwebo Road. There are also opportunities for the private sector to contribute to highway upgrading and bridge construction.
U Min Min Oo, Assistant Secretary at the MOEE, said investments across the entire Myanmar oil and gas supply chain are needed. Notably, construction of new power generation plants, particularly from liquefied natural gas and renewable energy, is in demand, “We have so many opportunities for South Korea to invest in the energy sector, such as in power generation, transmission and distribution. We would also like to welcome business partners from Korea to develop Myanmar’s clean energy sector,” he said.